Tag: Petrol

<strong>Customs Seize 2,375 Litres Of Petrol, Generate Over N127m In Sokoto</strong>

9Dec

By Mary UgwuanyiNo Comments

Crime, News, Nigeria, Petroleum

Customs Seize 2,375 Litres Of Petrol, Generate Over N127m In Sokoto

The Nigerian Customs Service, NCS, Kebbi State Command, has seized not less than 2,375 litres of Petroleum Motor Spirit popularly known as petrol loaded in jerricans. The command in its November review stated that smuggled 303 bales and 94 sacks of second-hand clothing, and 58 bags of foreign parboiled rice of 50kg each; among other items with a duty paid value of 46,706,795,00 were intercepted by its operatives. Comptroller Joseph Attah, the Customs Area Controller stated this on Thursday while displaying the seized items by the Command in the month of November. He said that the command made more than N127 million in revenue during the period of review. Giving further details, Attah said that the command generated N127,839,390.75 as revenue from mostly import of goods into t...

<strong>Increase VAT to 15%, Remove Fuel Subsidy, IMF Urges FG</strong>

19Nov

By Mary UgwuanyiNo Comments

News, Nigeria, Petroleum

Increase VAT to 15%, Remove Fuel Subsidy, IMF Urges FG

The International Monetary Fund, IMF, has advised the federal government to raise the Value Added Tax, VAT, from its present 7.5 percent to 15 percent. The organisation disclosed this in a statement issued at the end of its Article IV Staff mission held in Washington on Friday. It also suggested that Nigeria totally abolished fuel subsidies, which it argued favours mostly the rich at the detriment of the poor Nigerians and holistically tackle oil theft. Missions are usually held as part of regular consultations under Article IV of the IMF’s Articles Agreement, in the context of a request to use IMF resources (borrowed from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments, Vanguard reports. The IMF r...

Why It’s Impossible To Buy Fuel At N170/litre – NNPCL

10Nov

By Mary UgwuanyiNo Comments

News, Nigeria, Petroleum

Why It’s Impossible To Buy Fuel At N170/litre – NNPCL

Mele Kyari, the Group Managing Director of the Nigerian National Petroleum Company, formerly Nigerian National Petroleum Corporation, has stated that it cannot retain a pump price of N170 per litre for Premium Motor Spirit, popularly known as petrol. Kyari disclosed this when he appeared at the Legislative Transparency and Accountability Summit organised by the House of Representatives Committee on Anti-Corruption in Abuja on Wednesday. He said, “It is not possible for you to buy fuel at N170 when your actual cost is thrice that value. “For instance, today, when PMS comes into this country, we transfer to marketers at N113 per litre for us to ensure N165 at the pump. “So, you must sell at N113 to them to be able to deliver at N165, that means whatever the cost, anything af...

26Oct

By Mary UgwuanyiNo Comments

News, Nigeria, Petroleum

Why Petrol Queues Have Returned – FG

The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, yesterday confirmed the existence of commercial stocks across the country, despite motorists queuing up for petrol in some cities. Farouk Ahmed, Chief Executive Officer, NMDPRA, while stating this, asked Nigerians to desist from panic-buying of petrol. Ahmed said he was optimistic that the queues being experienced would soon disappear as the marketers and NNPC have confirmed that there are adequate stocks to sustain the public. The NMDPRA boss said, “I spoke with the MOMAN’S Executive Secretary this morning and he told me they have sufficient stock. I have directed them to start evacuating the product immediately to filling stations. “NNPC has also confirmed sufficiency and they have commenced ev...

7Jul

By Kosi UchennaNo Comments

Finance, News, Nigeria

Fuel Subsidy Is A Scam – Peter Obi

Fuel subsidy is a scam. This is the position of the Presidential Aspirant of the Labour Party, LP, Peter Obi who has promised to offer a better alternative if elected. He describes the present structure of fuel subsidy as a scheme that funds incompetence. Obi made the pledge when he appeared on Arise Television on Wednesday, noting that the petrol subsidy was part of the ways government spends recklessly, promising that if elected, his administration will not expend $40 billion of tax payer’s money on subsidy as presently done by the President Muhammadu Buhari’s regime. Statistics show that the country spent N1.27 trillion on petrol subsidy payments in the past five months, amounting to about 31 percent of the N4 trillion budget for the year. It threatened oil gains as Nigerian ...

Fuel Crisis: Nigerians Faced Similar Scenario Before Buhari – Femi Adesina

4Mar

By Obiajulu Joel NwoluNo Comments

News, Nigeria, Petroleum

Fuel Crisis: Nigerians Faced Similar Scenario Before Buhari – Femi Adesina

Femi Adesina, the Special Adviser to President Muhammadu Buhari, has said that the challenges being faced by Nigerians on Premium Motor Spirit, popularly called petrol, was not new in the country. Nigerians have been having a hard time buying the commodity after contaminated petrol was imported into the country by the Nigerian National Petroleum Company Limited in February. Earlier, it was reported that oil marketers estimated that about 100 million litres of contaminated petrol were imported into Nigeria and had been recalled by the Pipelines Product Marketing Company, a subsidiary of the NNPC. Read Also: Osinbajo-led Economic Council Recommends Fuel Increase To N302 Per Litre By February The recall caused severe queues in Abuja, Lagos, Niger, Nasarawa and many other states, ...

Fuel Marketers Predict N170/Litre, Claim Supply Drop, NNPC Disagrees

19Nov

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

Fuel Marketers Predict N170/Litre, Claim Supply Drop, NNPC Disagrees

The pump price of Premium Motor Spirit, popularly called petrol, may rise from the current N162-N165/litre to N170/litre, while its depot price is projected to increase from N159/litre to N165/litre, oil marketers said on Thursday. Dealers under the aegis of the Independent Petroleum Marketers Association of Nigeria and the Petroleum Products Retail Outlets Owners Association of Nigeria warned that the rising cost of petrol at depots would definitely warrant commensurate increase in pump price if not checked. They also complained of PMS supply problems, stressing that many tank farms or depots had no petrol, which was why the few ones that had the commodity had to increase its price from the approved N148/litre price to N159/litre. But the Nigerian National Petroleum Company Limit...